Issuance of $650,000.00 Economic Development Revenue Bonds (East Race Housing Project)

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Joseph in the State of Indiana and thereby create new employ- ment opportunities and provide diversification of economic development in the City, and make payments pursuant to the Loan Agreement evidencing its loan obligations in an amount or amounts sufficient to pay the principal of, premium, if any, and interest on the economic development revenue bonds hereinafter authorized. The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed financing of economic development facilities for the East Race Housing Project and the Area Plan Commission has com- mented favorably thereon. The Commission, after a public hearing held on November 15 , 1985 , has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition and reha- bilitation by the user of the proposed economic development facilities described in said Report will not have an adverse competitive effect on any similar facilities already con- structed or operating in or about the City, (ii) further finding that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens , (iii) further finding that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act, (iv) approving the economic develop- ment revenue bond financing of such facilities , including the form and terms of the Loan Agreement between the user and the City, the Promissory Note from the user to the City, the registered City of South Bend, Indiana, Economic Development Revenue Bonds , Series 1985 (East Race Housing Project) from the City to the bondholders , The Trust Indenture between the City and Midwest Commerce Banking Company (the "Trustee") ,